Chicago Developments
When choosing Chicago developments there are many things you should always keep in mind. Some things are obvious to us all but others may not be.
We all know we need to check out the structure of the building. Was it really designed to be a condo or townhome complex or was it a conversion? At first glance you may not be able to tell because conversion many times can look even better than the old design. If you really want to know you can check with the local city planning office and ask for the plans that were submitted by the developer. You think a conversion may not matter with today's building codes but noise and insulation problems may arise since the design was made for different purposes. You should always insist on a building inspection that you are interested in purchasing. Most inspections will cover the common areas of the building but you might want to take a more invasive approach to identify structural and integrity concerns.
Another obvious area to check out with Chicago developments is the community. Try to find out if there is a sense of community within the complex. One of the best ways to find out is to spend some time in the common areas. Do the residents seem happy and satisfied? Do they respect each other and their privacy? Ask some questions while you are there, such as what they like and dislike about their community. Smiling and making eye contact while talking with your potential neighbors can speak volumes about the place in which you are about to invest.
Make sure check into some of the extras that may be offered. Is there a parking space included in the price and where is it located? Is the location convenient and safe? Are there extra storage areas, are they free and secured? If there are pools, hot tubs, gym areas, are they well maintained and clean? Do they meet legal and safety regulations? These extras may make the difference in how well you enjoy your new condo.
One last area that may not be as obvious but is becoming more prevalent is green living. More and more condo buyers are embracing the green living concept and many Chicago developers are meeting the challenge. Developers are seeing the change in mood of condo buyers and are now seeking to be certified by the United States Green Building Council. Buyers today are looking for green living developments not only due to energy saving features but as a way for them to lessen the impact on the planet for future generations.
Chicago Condos
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condos in which to live. Condo ownership has some very distinct advantages versus a single family home. Let's say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can't afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can't afford it. Last but not least, there are some great deals in today's market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
One area that you need to investigate before you buy a Chicago condo is the prices of similar properties that have sold in the complex or complexes in the immediate area. Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
There are so many areas in which to buy Chicago condos that it is sometimes difficult to choose. With over 77 acknowledged neighborhoods almost any style of living is available and at almost any price. Chicago has everything from lakeshore upscale condos and townhouses to lofts in the south loop. If your tastes run more to suburban areas, Chicago offers a variety sizes and styles near the main transportation arteries whether it is the expressways to bus routes to train stations. Everything is in reach in a city with the diversity of cultures like no other city in the country. So remember when looking to find your first home or looking to downsize there is no place like Chicago.
Sell your condo
When it's time to sell your condo and put it on the market, many people wonder if they are better off selling as a "by owner" or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth, actually, that the seller will net greater proceeds from the sale if they sell it themselves. In reality, buyers are typically looking for the "by owner" to drop the price of the realtor's commission as much as a whopping 6-10% below the price of comparable homes listed by real estate firms. Otherwise, they can find more selection of homes and a more trusted sale if they use the services of the realtor.
Time is money
How much is your time worth? If you don't use a real estate professional, expect to spend at least 100 hours selling your condo - assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
It's a Big Deal
Selling a condo is a big deal. Most people don't sell more than two homes in their lifetime, so it's not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don't want to learn on your own through trial and error or relying on a book or information off the Internet. It's just not worth the risk.
When selling a condo Your REALTOR®...
1 - Helps you understand the home selling process from putting your home on the market through closing
2 - Advises you as to the right price for the home based on their knowledge of what comparable condos are being sold for
3 - Assists you in determining the necessary home improvements required to get your property in the best selling condition possible for the lowest cost possible
4 - Develops your personalized condo marketing plan and places your listing on the exclusive Realtor® Multiple Listing System to reach as many buyers as possible
5 - Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers
6 - Conducts informative and professional tours of your home through open houses
7 - Negotiates the offers to purchase to obtain the highest price possible for your condo
8 - Tracks the various phases involved in meeting your contractual obligations as the seller
9 - Leads you through the home inspection phase and negotiates on your behalf
10 - Coordinates the supporting contractual paperwork required for settlement
11 - Organizes the details of your settlement amongst all parties to ensure a smooth transition
Should I buy now?
All we hear right now is about unemployment, health care reform and bailouts. That doesn't mean there has not been talk of the real estate market and what is happening in that part of the economy. What I am hearing a lot about is should I buy now or wait for the market to bottom out? Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it. Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward. And down is not always a bad place to be since the only other way is up. Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.
Should I buy now? Absolutely, and let me tell you several factors that are in your favor by acting now and not trying to guess at a target that may always keep moving.
We have a tax credit! Let me say that again since you probably did not get the full impact of what that statement means in today's economic climate. A tax credit means you do not have to pay it back. That's right, it is free money and when is the last time you received free money. It is not as perfect as it could be because there are several requirements but all in all they are not that difficult. First, you must be a first time home buyer or not owned your principle residence in the last three years. Second, if you are single your income cannot exceed $75,000 per year and married couple's income cannot exceed $150,000 per year. The last part might be a little trickier since the tax credit is only if you close your home or condo on or before November 30, 2009. That is less than 90 days away and if you don't get moving now you are not going to make the deadline.
Another reason to ask yourself if I should buy now is interest rates are lower than they have been in years. Do you realize that you can get a 30 fixed rate for less than 6% from many lenders. That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent. Would you have imagined several years ago that you could get free money and a great interest rate on buying a home? If you are like most of us you would have laughed us out of the place, but it is happening now. We would never have guessed it just like we are never going to guess the bottom of the housing market. So just do it!
Real Estate Auctions
I went to a real estate auction recently and found that there were only about thirty people in the crowd bidding on the property. The product to bid on was actually quite nice and had a lot of value. So why so little people bidding on this evening at a real estate auction held in the Chicago area?
It really came down to the auction house that hosted the real estate auction. Real estate auctions can very well attended if enough of advertising exposes them. This particular real estate auction had very little advertising causing very few people to know about the auction. What happens then? Well, it ends up being a great auction for buyers. Without a lot of buyers in the room, the product really isn't bid on by a lot of people. If a minimum bid is hit and no other people bid, the buyer gets the real estate at that price. It's incredible for the buyer but a huge injustice to the condo seller.
So, seller beware at putting your property in an auction where the real estate company running the auction doesn't know what they're doing. You can end up selling your property for tens of thousands less than what you could have if you picked a different firm to represent you.
Real estate auctions can bring top dollar to a seller if there are enough of people that know about the product. In the end, it's all about advertising the properties and the event. I've seen properties pushed past market value because there was enough interest on the property. Why? Because the auction house advertised the auction the right way. If you are a seller, take the time to interview different auction real estate firms to decide which ones are the most recognized. Do they have the staff to handle handling the open houses before the auction itself? There's a lot of paperwork preparation that needs to be done. If the auction house is representing seventy-five properties before the auction, how will they staff your and will it be professionally done?
Every single real estate auction I went to this year had horrible seller representation. Ask many questions before listing your condominium in a real estate auction. It may possibly be the best way to sell your property right now but you have to make sure that it's marketed properly. That's the key. Maximum exposure.
Real Estate Auctions in Chicago
The sellers are beginning to call and inquire as we steam towards OwnACondo.com's November 8th real estate auction of about seventy-five properties in the Chicago metro area. OwnACondo.com will be hosting the ultimate real estate auction November 8, 2009 in the Oak Brook area. There will be condos, townhouses, single family homes and vacant land in the real estate auction. The exact location will be advertised over the next week or two.
A real estate auction in the Chicago area that represents mostly condos is a bit uncommon, but then again, a condo brokerage is representing it. OwnACondo.com represents only condos. Studio condos, penthouse condominiums, lakefront condos, River North condominiums...well, you get the picture.
If you're looking to sell a condo and you're having a tough time in today's market place, selling at auction may be your answer. The amount of time for the marketing, open houses and the event itself is roughly a three month time frame. Unlike traditional methods, real estate auctions can get thousands of people to view your property because there is a "pooled" advertising budget among all the sellers of the auction. This gives the auction house hundreds of thousands of dollars to expose the event. That's good news to the condominium seller. This means you'll have many, many eyes on your condo.
Real estate auctions in Chicago will bring thousands of eyes only if it is marketed correctly. It's really important before signing any agreements with a real estate firm about selling your real estate in an auction to find out how they will be marketing the auction. I've been at auctions that had four hundred people the day of the auction and at auctions with forty people. It's imperative that you get represented by a firm that will expose the auction event to the masses.
The normal expense the seller of an auction is roughly 1% of the sale of the condo upfront for advertising and 5% sales commission for a total of roughly six percent. Each auction house is different but these are the averages. If your condo does not sell in the real estate auction, you will forfeit the 1% paid upfront for the adverting expense. There are a few different ways you can list your condo in the auction, mainly; absolute, minimum bid and reserve.
Look for a few of our upcoming blogs to learn more about each one of these auction methods for selling.
Selling your Condo
Selling your condo can be a difficult decision and many people wonder if they are better off selling as a "by owner" or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth, actually, that the seller will net greater proceeds from the sale if they sell it themselves. In reality, buyers are typically looking for the "by owner" to drop the price of the realtor's commission as much as a whopping 6-10% below the price of comparable homes listed by real estate firms. Otherwise, they can find more selection of homes and a more trusted sale if they use the services of the realtor.
Benefits of Using an Agent
Time is Money
How much is your time worth? $________ per hour. If you don't use a real estate professional when selling your condo, expect to spend at least 100 hours - assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
It's a Big Deal
Selling your condo is a big deal. Most people don't sell more than two homes in their lifetime, so it's not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don't want to learn on your own through trial and error or relying on a book or information off the Internet. It's just not worth the risk.
When Selling A Home Your REALTOR®...
1 - Helps you understand the home selling process from putting your condo on the market through closing
2 - Advises you as to the right price for the condo based on their knowledge of what comparable houses are being sold for
3 - Assists you in determining the necessary home improvements required to get your property in the best selling condition possible for the lowest cost possible
4 - Develops your personalized home marketing plan and places your listing on the exclusive Realtor® Multiple Listing System to reach as many buyers as possible
5 - Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers
6 - Conducts informative and professional tours of your home through open houses
7 - Negotiates the offers to purchase to obtain the highest price possible for your condo
8 - Tracks the various phases involved in meeting your contractual obligations as the seller
9 - Leads you through the home inspection phase and negotiates on your behalf
10 - Coordinates the supporting contractual paperwork required for settlement
11 - Organizes the details of your settlement amongst all parties to ensure a smooth transition
